Bill Text: TX SB1060 | 2023-2024 | 88th Legislature | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the adoption of political shareholder proposals by insurers and insurer holding companies.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Engrossed - Dead) 2023-05-23 - Placed on General State Calendar [SB1060 Detail]

Download: Texas-2023-SB1060-Introduced.html
  88R11929 CJD-D
 
  By: Hughes S.B. No. 1060
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the adoption of political shareholder proposals by
  insurers and insurer holding companies.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subtitle A, Title 6, Insurance Code, is amended
  by adding Chapter 806 to read as follows:
  CHAPTER 806.  CONSIDERATION OF ENVIRONMENTAL, SOCIAL, OR POLITICAL
  FACTORS
         Sec. 806.001.  DEFINITIONS. In this chapter:
               (1)  "Holding company" and "insurer" have the meanings
  assigned by Section 823.002.
               (2)  "Political shareholder proposal" means a
  shareholder proposal that seeks to directly or indirectly:
                     (A)  prohibit or limit an insurer's ability to
  insure risks related to the exploration, production, utilization,
  transportation, sale, or manufacturing of fossil fuel-based
  energy;
                     (B)  require or ask an insurer to reduce or track
  greenhouse gas emissions, including the greenhouse gas emissions of
  the insurer's insureds or of the entities in which the insurer
  invests; or
                     (C)  prohibit or limit an insurer's ability to
  insure an entity involved in legal activity for the purpose of
  achieving environmental, social, or political ends.
         Sec. 806.002.  POLITICAL SHAREHOLDER PROPOSALS PROHIBITED.
  An insurer or holding company organized under the laws of this state
  may not:
               (1)  include a political shareholder proposal in a
  proxy statement; or
               (2)  implement a political shareholder proposal.
         SECTION 2.  This Act takes effect September 1, 2023.
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